Contraction or stagnation of the main economies remains the Base. Case forecast, but there is survey evidence of growth beginning to rebound as of the beginning of 2012.
Liquidity measures by the ECB and more determination by governments to reduce debt and resolve the crisis have been effective in taking pressure off Italy and Spain, despite talk of Greece exiting the Euro zone.
A slowdown in occupier market activity is expected, reflecting the downgrade to economic growth and lack of job creation in 2012.
Investors will remain keen for prime assets, but interest will also be shown in non-core opportunities.
Source : Amundi Asset Management